Experts for Leasehold Conveyancing in Torquay

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Torquay, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Torquay leasehold conveyancing

I am hoping to exchange soon on a leasehold property in Torquay. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Torquay should include some of the following:

  • The physical extent of the demise. This will be the flat itself but may incorporate a roof space or basement if applicable.
  • Defining your rights in respect of the communal areas in the building.For example, does the lease permit a right of way over an accessway or staircase?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Torquay please ask your lawyer in ahead of your conveyancing in Torquay

    • I have just appointed agents to market my 2 bed flat in Torquay.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?

    The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    Back In 2001, I bought a leasehold house in Torquay. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Torquay who acted for me is not around.Do I pay?

    First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Torquay conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    What are your top tips when it comes to finding a Torquay conveyancing firm to deal with our lease extension?

    When appointing a solicitor for lease extension works (regardless if they are a Torquay conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Torquay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

    • How familiar is the practice with lease extension legislation?
  • What are the charges for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Torquay with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Torquay can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • The majority landlords or managing agents in Torquay levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Torquay.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Torquay state that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the approvals to hand do not communicate with the landlord without contacting your lawyer in advance.
  • A minority of Torquay leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Obtaining a new share certificate is often a lengthy formality and delays many a Torquay conveyancing transaction. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • I acquired a split level flat in Torquay, conveyancing formalities finalised in 2002. How much will my lease extension cost? Comparable properties in Torquay with over 90 years remaining are worth £199,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2083

    With 58 years left to run the likely cost is going to span between £22,800 and £26,400 as well as costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Torquay